cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | January 6 - January 12, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | January 6 - January 12, 2024

Van Thanh Le

Jan 12 2024

5 months ago5 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

This article comes to you with the generous support of Stake.com. Discover the excitement and rewards that await you at Stake.com with deposit bonus!

Crypto Weekly Market Update

Table of Contents

Market Updates

  • Crypto Weekly Recap

Banking and Regulatory Updates

  • Spot Bitcoin ETFs: A Tipping Point in Crypto Adoption
  • Bitcoin ETF False Tweet: Market Surge and SEC's Cybersecurity Flaw
  • SEC Nods to 11 Bitcoin ETFs: A New Era for Cryptocurrency
  • Ethereum ETF Anticipation: Rising Market and SEC Scrutiny

Country-Specific Developments

  • DCG Settles Debts Amidst Genesis and Regulatory Challenges
  • Grayscale Adds XRP: A Glimpse into Future ETF Prospects
  • Circle's Public Offering Plan: Stepping into the Spotlight
  • Do Kwon's Legal Battle: A Tangled Web of Extradition and Delays

Information about Crypto Exchanges and Platforms

  • Polygon's Growth: Media and Finance Embrace Blockchain Tech
  • Solana's Ecosystem Surge: Prices, Meme Coins, and Developer Growth
  • X Drops NFT Profile Feature: A Shift in Crypto Strategy
  • SEC's Fake Tweet Fallout: Bitcoin ETF Approval and Security Lessons
  • NFT Market Shift: Polygon Edges Out Solana in Sales
Coin360.webp

Crypto Weekly Recap

Bitcoin:

  • Weekly change: -1.7%
  • The market this week was moving around Spot Bitcoin ETF news.
  • Bitcoin's price hovered around $44,000 over the weekend, then surged past $47,100 on Monday in anticipation of a Spot Bitcoin ETF announcement, prompting a rush in S-1 filings.
  • The price fluctuated between $45,000 and $46,000 until Wednesday evening as investors awaited the SEC's decision.
  • Late Wednesday night, Bitcoin nearly hit $48,000 following a purported SEC approval tweet for a Bitcoin ETF, later revealed as a hoax from a hacked account, causing a drop to below $46,000.
  • Hours later, the SEC officially approved the first U.S. spot Bitcoin ETF, yet Bitcoin's price saw a modest reaction, stabilizing around $46,000 amid market skepticism.
  • On Thursday, Bitcoin briefly touched $49,000, a peak since December 2021, as spot Bitcoin ETF trading started with high volume but receded amid news of higher-than-expected U.S. inflation rates.
  • Bitcoin's price dipped below $44,000 on Friday, following the SEC's ETF approval, leading to increased market volatility. BTC dominance dropped to 51% with a 2.8% weekly decline.
  • Bitcoin's ETF approval is likened to the 2004 approval of the first spot gold ETF. While it took years for gold to see major price gains post-ETF, Bitcoin is expected to experience a quicker price increase.
  • The upcoming Bitcoin halving event in April 2024 is expected to further drive Bitcoin's price up. 
chart (1).webp

Ethereum:

  • Weekly change: +13.88%
  • Ethereum's price hit a peak not seen since May 2022, exceeding $2,700 this week.
  • Investor optimism grew with speculation of potential SEC approval of an Ethereum (ETH) ETF.
  • Following expectations for a Spot Bitcoin ETF approval, focus shifted to Ethereum.
  • BlackRock filed for an iShares Ethereum Trust, indicating a move towards a spot Ethereum ETF.
  • Ethereum-based tokens and related assets saw notable gains as smart money jumped in.
  • ETH briefly dipped to $2,600 due to unfounded rumors about a Bitcoin ETF, but recovered.
  • ETH surged past $2,700 on Friday, buoyed by expert predictions of a possible ETF approval, maintaining stability around $2,600 despite Bitcoin's drop below $44,000.
chart (2).webp

Altcoins:

Spot Bitcoin ETFs: A Tipping Point in Crypto Adoption

There was mounting anticipation for the approval of spot Bitcoin ETFs, with the SEC expected to decide around January 9 or 10. Notable companies like BlackRock, Valkyrie, Grayscale, and Bitwise are in contention, with Ark Investment slashing its fee to 0.25%. 

Japan's Mercari integrating Bitcoin payments, and Bitcoin-accepting merchants tripling to over 6,000 globally in 2023, signify broader Bitcoin adoption. However, the SEC maintains a cautious stance. Bitcoin ETF approval could unlock significant investment and mark a milestone for the digital asset.  

Surreal hourglass with traditional gold coins and glowing Bitcoins symbolizing the transition to Bitcoin ETFs.webp


Bitcoin ETF False Tweet: Market Surge and SEC's Cybersecurity Flaw

Bitcoin's value surged following a false tweet about SEC approval of Bitcoin ETFs, reaching $48,000 before dropping to $45,500. The SEC later approved 11 spot Bitcoin ETFs, signaling a major shift in the cryptocurrency landscape. These ETFs are expected to attract significant investments, with a projected $72 billion market in five years. 

The incident caused over $210 million in liquidations and raised concerns about SEC's cybersecurity. This event underscores the crypto market's fragility and the need for robust digital security in regulatory frameworks.  


SEC Nods to 11 Bitcoin ETFs: A New Era for Cryptocurrency

The SEC's approval of 11 Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale's Bitcoin Trust (GBTC), sparks a bullish market trend. Bitcoin's price surged over $48,500, with ETF trading volumes exceeding $2 billion in under an hour. GBTC charges a higher fee of 1.5%, and these developments indicate a significant shift in the industry. 

The approval is expected to impact global crypto development, reshape perceptions of cryptocurrencies as investment assets, and potentially lead to increased market cap, liquidity, and stability for Bitcoin. However, concerns about market manipulation and regulatory debates persist amidst Wall Street's embrace of Bitcoin.  


Ethereum ETF Anticipation: Rising Market and SEC Scrutiny

The anticipation for a spot Ethereum ETF is driving a surge in Ethereum's market, with a peak at $2,682, representing an 18% increase. Major players like Ark 21Shares, BlackRock, Fidelity, and Grayscale are keen on Ethereum ETFs, and analysts predict SEC approval in 2024, potentially boosting Ethereum-based projects and Layer 2 networks. 

However, Ethereum's 2023 performance lagged behind Bitcoin's. Ethereum's ETF prospects could reshape the market, with industry heavyweights like BlackRock and VanEck in the race. The SEC's decision on ETF applications and Vitalik Buterin's gas limit proposal will be critical in shaping Ethereum's role in the investment world and addressing technical concerns.  

Digital marketplace buzzing with Ethereum ETF anticipation.webp


DCG Settles Debts Amidst Genesis and Regulatory Challenges

Digital Currency Group (DCG) settles over $1 billion in debts, including a reported $700 million to Genesis. DCG's CEO Barry Silbert confirms the repayment, but Genesis creditors contest, claiming DCG still owes Bitcoin and USD.

In a separate development, DCG subsidiary Genesis Global Trading agrees to leave New York, settling for $8 million. This follows New York state's findings that Genesis violated anti-money laundering, suspicious activity report filing, and cybersecurity rules.  


Grayscale Adds XRP: A Glimpse into Future ETF Prospects

Grayscale adds XRP to its Digital Large Cap Fund (GDLC), representing 2.54% of its valuation. This follows a 2023 court ruling classifying XRP as a non-security, leading to its relisting on major U.S. exchanges. Despite speculation, Grayscale hasn't confirmed plans for an XRP ETF. 

Valkyrie Investments' CIO anticipates a shift towards Ethereum and XRP ETFs, pending Bitcoin ETF approval in the U.S. Bloomberg analyst is skeptical about an XRP ETF this year, citing the need for XRP futures on CME and the ongoing SEC lawsuit against Ripple as major hurdles. Spot Ripple ETF approval in 2024 seems unlikely due to the lawsuit and absence of CME futures market.  

chart (3).webp

Circle's Public Offering Plan: Stepping into the Spotlight

Circle Internet Financial, the issuer of the USDC stablecoin, has filed a confidential draft S-1 document with the SEC to sell shares to the public. The number of shares and price range are yet to be determined. USDC is the second-largest stablecoin, with a market cap of about $25 billion, behind Tether

Circle previously planned to go public via a SPAC deal in 2021 but faced challenges. The company laid off employees during a bear market caused by the collapse of FTX, Celsius, and Three Arrows Capital. Circle's move comes after the SEC approved spot bitcoin ETFs.  


Do Kwon's Legal Battle: A Tangled Web of Extradition and Delays

Do Kwon, ex-CEO of Terra, is pushing to delay his SEC trial, citing extradition delays from Montenegro, likely not before February or March. His legal team argues for postponement, or alternatively, that the jury be instructed not to view his absence as prejudicial. 

This follows a Montenegro court's cancellation of his extradition to the U.S. and South Korea. Kwon faces SEC charges over TerraUSD's collapse, labeled a multi-billion dollar fraud. Arrested last March for using forged documents, Kwon's case intertwines legal complexities and significant allegations in the crypto world.


Polygon's Growth: Media and Finance Embrace Blockchain Tech

Fox Corporation has launched Verify, a content provenance protocol on Polygon, with 89,000 pieces registered. Nomura’s Laser Digital and WebN Group introduced Libre, a fund tokenization protocol on Polygon, set for Q1 2024 use by Brevan Howard and Hamilton Lane. 

Polygon's SAGA airdrop for over 26,000 users using zkEVM Bridge or staking MATIC also sparks interest. Despite price volatility, Polygon's ecosystem grows with significant developments like the Chain Development Kit and zkEVM launch, indicating a robust future for blockchain applications in media verification and financial services.

chart (4).webp

Solana's Ecosystem Surge: Prices, Meme Coins, and Developer Growth

In the dynamic Solana ecosystem, SOL's price surged, reaching $102 at one point with a $45 billion market cap, partly driven by Bitcoin ETF optimism. The meme coin Bonk soared over 25%, hitting an $800 million market cap. Dogwifhat, another Solana meme coin, spiked 100% due to major purchases by a whale, sparking Binance listing rumors

Solana Saga smartphone owners gained from NFT airdrops, surpassing the phone's cost. A trader lost over 60% on a $9 million Dogwifhat purchase due to slippage. A Solana MEV bot profited $1.8 million in seconds from Dogwifhat trades. Solana's developer retention rose over 20%, maintaining 2,500-3,000 active monthly developers.

chart (5).webp

Top Weekly Altcoin Gainers and Losers

Gainers:

Coin360 (2).webp

Ethereum Name Service ENS (+62.41%)

Ethereum Classic ETC (+41.50%)

Mantle MNT (+28.41%)

Rocket Pool RPL (+22.89%)

Helium HNT (+20.23%)

Losers:

Coin360 (1).webp

Beam BEAMX (-17.93%)

THORChain RUNE (-17.23%)

Osmosis OSMO (-16.27%)

Bittensor TAO (-15.48%)

Astar ASTR (-13.75%)

NFT Market Map

brave_screenshot_coin360.com.webp

X Drops NFT Profile Feature: A Shift in Crypto Strategy

X, previously Twitter, removed its NFT profile picture feature, initially launched in January 2022 for paid subscribers. This decision has stirred debates in the crypto community, raising concerns about increased fake accounts and scams, as these NFTs helped verify account authenticity. 

The community is now speculating about Elon Musk's future NFT strategies for X, with theories of exclusive X NFTs akin to Reddit's digital collectibles. This move marks a significant shift in the platform's approach to NFTs, impacting how users express themselves and establish trust online, and signaling a pivotal change in the platform's identity and functionality.


SEC's Fake Tweet Fallout: Bitcoin ETF Approval and Security Lessons

The SEC confirmed a fake tweet announcing Bitcoin ETF approval, causing a price drop. Digital artist Billy Restey immortalized SEC Chair Gensler's response as an Ordinals NFT. The tweet is inscribed as number 53,995,422. The fake tweet sparked discussion amid pending Bitcoin ETF approvals, with VanEck CEO suggesting trading could begin soon. 

Gensler also warned about cryptocurrency scams. This incident demonstrates the significance of secure account practices and the ongoing scrutiny of Bitcoin ETF proposals amidst the crypto market's evolving landscape.  


NFT Market Shift: Polygon Edges Out Solana in Sales

In the battle for NFT sales dominance, Polygon surpassed Solana in the seven-day timeframe. However, Solana showed a more positive trend. Over the last 30 days, Solana ranked third with a sales volume of over $306 million, marking a 93% increase, while Polygon held the fourth position with $83.8 million in sales, a 46% increase. 

In the past seven days, Polygon claimed the third spot with sales of over $44 million and a growth rate of over 160%, while Solana secured the fourth position with a sales volume exceeding $39 million.  

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.19
© 2017 - 2024 COIN360.com. All Rights Reserved.